Business Formation Lawyer
Starting a business is an exciting and challenging venture that requires careful planning and consideration. While most people focus on the basics, such as developing a business plan, securing financing, and hiring employees, there are several other important factors that are often overlooked. Let’s explore five things a lot of people don’t consider before they start their business.
1. Business Structure
One of the most important decisions you will make when forming a business is choosing the right structure. This includes deciding whether to form a corporation, a partnership, or a limited liability company (LLC). Each structure has its own advantages and disadvantages, so it is important to consult with an attorney who can help you choose the structure that is best for your business. The correct attorney will listen to you and understand your specific needs.
2. Intellectual Property
When starting a business, it’s vital to safeguard your intellectual property, but many people ignore this fact. This includes trademarks, patents, and copyrights. Failing to protect your intellectual property can result in legal disputes and financial losses, so it is important to work with an attorney who can help you navigate the complex world of intellectual property law.
Business insurance is often overlooked when starting a business. However, having the right insurance can protect your business from financial losses in the event of an accident or other unforeseen event. By working with an insurance agent and an attorney, you can better determine what type of insurance is right for your business.
4. Tax Obligations
Starting a business typically means more tax obligations than being an employee with a W2. This includes paying taxes on profits, collecting and remitting sales tax, and withholding taxes from employee wages. Failing to meet your tax obligations can result in fines and legal action, so it is important to work with an accountant who can help you navigate the complex world of business taxes.
5. Compliance with Laws and Regulations
Many people overlook the importance of compliance with laws and regulations when forming a business. This includes federal, state, and local laws and regulations, as well as industry-specific regulations. Failing to comply with these laws and regulations can result in fines, legal action, and damage to your business’s reputation. It is important to work with an attorney who can help you understand and comply with all applicable laws and regulations.
Starting a business requires careful planning and consideration. While there are many important factors to consider, it is important not to overlook the less obvious ones, such as business structure, intellectual property, insurance, tax obligations, and compliance with laws and regulations. By working with attorneys, accountants, and insurance agents who have experience in business formation, you can ensure that your business is set up for success and that you are able to navigate the complex landscape of business ownership with confidence and clarity. Finding the right business formation attorney is essential—a fact our friends at Eric Lindh Foster Law, LLC can agree with!